Dogecoin Price Prediction as DOGE Whale Moves Millions of Tokens to Unknown Wallet

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Source: Trading View

Dogecoin price has barely moved in the past 24 hours, with its current price of $0.088410 representing a 7.5% gain over the past week. It also marks a 2% gain over the past month, with DOGE benefiting over this period from Elon Musk continuing to make cryptic allusions to the token meme.

Dogecoin price has shown little reaction so far to yesterday’s reports that over $2.75 million of the token has been transferred from multiple addresses to a single wallet. This could represent a whale preparing to sell its Dogecoin holdings, with other whales also moving large amounts of tokens in recent weeks.

Dogecoin Price Prediction as DOGE Whale Moves Millions of Tokens to Unknown Wallet – What Happens?

The DOGE indicators look quite promising, although they can be interpreted both ways at the moment. Its relative strength index (purple) rose above 50 after dropping to 40 at the start of the month, a sign that it is regaining some momentum.

Source: Trading View

On the other hand, the coin’s 30-day moving average (red) has stopped climbing above its 200-day mark (blue), signaling that it may be downside.

This suspicion is supported to some extent by recent whale activity. Yesterday, a large holder moved 31,158,390 DOGE (currently worth around $2.75 million) from multiple addresses to a single wallet.

So far, that amount of DOGE hasn’t budged, but transfers of other whales in recent days heighten fears that larger investors are gearing up for a sell-off. For example, the past four hours have seen a similar set of transfers, worth around $2.5 million.

Perhaps even more alarming, yesterday also witnessed a DOGE transfer worth over $5 million, with the dogecoin in question moving from a top 20 wallet to an unknown wallet.

It’s even worse because February 17 also saw a wallet that had been inactive for over two years moving DOGE worth $28 million to a new address.

While this may just remain speculation at this time, it’s entirely conceivable that bigger investors are gearing up to sell. Indeed, the DOGE indicators are in the right kind of position for a loss, while the broader market’s gains over the past week have lost momentum.

Even if DOGE is to fall from its current position of $0.08841, it remains poised for further gains in the future. This is largely down to Elon Musk, who continues to be a strong supporter of the meme token.

For example, last week the owner of Tesla and Twitter referenced Dogecoin in a viral tweet from his Shiba Inu dog, Floki.

Likewise, he also attended Super Bowl LVII in a Dogecoin t-shirt, with the entrepreneur sitting next to Fox Corp. and News Corp. owner Rupert Murdoch.

Such stunts all fuel the expectation that sooner or later Twitter will introduce dogecoin payments. These expectations reached new heights a few weeks ago, when the Financial Times published an article reporting that the social network was continuing its digital payment plans and had even applied for regulatory licenses across the United States.

Given Elon Musk’s long-standing support for dogecoin – as well as hints last year that he may be considering introducing DOGE payments – this news lends some credence to claims that dogecoin will eventually be an option. payment on Twitter.

Of course, the most recent report made no explicit mention of DOGE, so no one knows if Musk’s vague hints will become a reality. If they do, there’s no doubt that DOGE would rally in droves, perhaps hitting whole numbers a few weeks after any hypothetical Twitter integration.

For now, however, a more realistic target for 2023 would be somewhere near $0.13, as a recent report from crypto exchange Changelly suggests. And while that’s hardly making headlines, it would represent a 47% gain from its current level.

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High potential alternatives to Dogecoin

While DOGE isn’t expanding yet, there are other high-potential crypto projects that may hold more promise in the near term (as well as the longer term). Accordingly, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.

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